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RESOLUTION n g/9/7% 7-7717—.61
eegicalni
WHEREAS, pursuant to TITLE 30, ARTICLE 11, Section 101,
CRS 1974, as amended, the County of Weld, State of Colorado, is expressly
empowered to lease any real or personal property, either as Lessor or
Lessee, together with any facilities thereon, when deemed by the Board
of County Commissioners to be in the best interests of the County and its
inhabitants; and
WHEREAS, the Board of County Commissioners of the County of
Weld, State of Colorado, deems it to be in the best interests of the County
and of its inhabitants to lease the following equipment:
1 - Fiat-Allis, Model HD-21 Series "B" CRAWLER
TRACTOR, Serial # 10 S 19403, Model 21
HU-Hydraulic "U" Dozer at a cost of sao,f25_n0
which the First National Bank of Windsor Colorado, has agreed to purchase
and to lease to Weld County, all upon the terms and conditions of a certain
Equipment Lease Agreement with the Schedules and Exhibits attached hereto
in the form presented at this meeting; and
WHEREAS, the Board has determined, after consultation with a
qualified independent appraiser, that the proposed lease rental to be paid
for said equipment is fair and reasonable; and
WHEREAS, in the opinion of the County Attorney of Weld County,
the County has full power and authority to make and enter into said Equip-
ment Lease Rental Agreement with Windsor National Bank of Windsor,
Colorado, for the purposes and upon the terms and conditions as set forth in
said proposed Agreement and attached Schedules and Exhibits without in-
curring any indebtedness or other obligation on the part of Weld County
which might be deemed a general obligation debt as provided in the Con-
stitution and Statutes of the State of Colorado;
NOW, THEREFORE, BE IT RESOLVED, that the Equipment Lease
Agreement and related Equipment Lease Schedules and Exhibits attached
pv 0010
750580
hereto and in the form submitted to this meeting a copy whereof is hereby
directed to be attached to this Resolution, and made a part hereof and a
part of the minutes of this meeting, providing for the leasing by Weld
County from the First National Bank of Windsor Colorado, for a period
of 36 months, at the rentals and upon the terms and conditions therein
provided for, of the hereinabove mentioned equipment are hereby author-
ized, approved and confirmed;
BE IT FURTHER RESOLVED, that the appropriate officials of
Weld County be, and they hereby are authorized, empowered and directed
in the name of Weld County and on behalf of its County Commissioners, to
make, execute and deliver any and all documents, certfications and other
instruments necessary, required, or desirable in the opinion of the Weld
County Attorney to effectuate the leasing of said terms of equipment upon
the terms and conditions presented to this Board and set forth in the docu-
ments aforesaid.
CERTIFICATION
The undersigned, together constituting the duly elected, qualified
and acting members of the Board of County Commissioners of Weld County,
Colorado, do hereby state and certify and a meeting of said Board duly called
and held at Greeley, Colorado, on the 19th day of February, A.D., 1975,
at which a quorum was present and acting throughout, the foregoing Resolution,
was unanimously adopted; that said Resolution is in the Minutes of said meeting,
and that the same has not been amended, rescinded or revoked.
Dated this 19th day of February, A.D., 1975.
BOARD OF COUNTY COMMISSIONERS
WEL C UNTY, COLORA DO
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ATTEST:a"-:-/ �-/L J�
Weld County Clerk and Recorder -ze
lerk to the Board
By
^
eputy County Cle / \
VED AS T F'QRM:
ounty Att'orne'y
EQUIPMENT LEASE AGREEMENT
This Lease is made and entered into this 19th day of February,
A.D. , 1975, between Windsor National Bank of Windsor Colorado, a Colo-
rado corporation ("Lessor") and the Board of County Commissioners of
Weld County Colorado, ("Lessee").
RECITALS
A. By Resolution No. , adopted February
19th , 197 5 , copy of which is attached hereto and by this refer-
ence incorporated herein and made a part hereof, the Lessee has found and
determined that that the equipment and facilities which are the subject of this
Agreement are needed County improvements which should be paid for out of
current revenues; that it is in the best interests of the County and its inhabi-
tants that the costs of said improvements be paid from the Road and Bridge
Fund heretofore created and established and be payable solely from current
revenues from the tax levy heretofore established in connection with said
Fund; and that the costs of said improvements shall be paid from current
revenues without incurring any indebtedness or other obligation on the part
of the Lessee which might be deemed a general obligation debt of the Lessee
provided in the Constitution and Statutes of Colorado.
B. Lessor is engaged in the business of owning and leasing
machinery, equipment, facilities and other items of personal and real property.
The Lessor has agreed to purchase the items of equipment and facilities which
the Lessee has determined to be needed for County purposes and which are the
subject of this Agreement, and to lease the same to Lessee for 36 months all
upon the terms and conditions set forth in this Agreement and the Equipment
Lease Schedules and other documents attached hereto or referred to herein.
NOW, THEREFORE, in consideration of the premises as set forth
in the foregoing Recitals, and in further consideration of the mutual covenants
and promises herein set forth, the parties agree as follows:
1. LEASE. Lessor hereby leases to Lessee, and Lessee hereby
leases and hires from Lessor, the property, machinery and equipment
("equipment") described in the Equipment Lease Schedule or Schedules
executed by the parties concurrently herewith or hereafter and made a
part hereof.
2. TERM. The term of this Lease respecting each item of equip-
ment leased by the Lessor to the Lessee under this Agreement.
3. RENT. The rent for each item of equipment shall be the amount
designated in the Equipment Lease Schedule covering such equipment.
Lessee shall pay Lessor said rent in advance, in the amounts and at the
times set forth in the Schedule, at the office of Lessor in Windsor, Colorado,
or to such other person and/or at such other place as Lessor may from time
to time designate in writing. Said rent shall be payable from the Road and
Bridge Fund of Lessee.
4. USE. Lessee shall use the equipment in a careful and proper
manner and shall comply with all applicable governmental laws, ordinances
and regulations in anywise relating to the possession, use or maintenance of
the equipment. If at any time during the term hereof Lessor supplies Lessee
with labels, plates or other markings, stating that the equipment is owned by
Lessor, Lessee shall affix and keep the same upon a prominent place on the
equipment.
5. LESSEE'S INSPECTION: CONCLUSIVE PRESUMPTIONS. Lessee
shall inspect the equipment within forty-eight (48) hours after receipt thereof.
Unless Lessee within said period of time gives written notice to Lessor,
specifying any defect in or other proper objection to the equipment, Lessee
agrees that it shall be conclusively presumed, as between Lessor and Lessee,
that Lessee has fully inspected and acknowledged that the equipment is in good
condition and repair, and that Lessee is satisfied with and has accepted the
equipment in such good condition and repair. LESSOR MAKES NO WARRANTIES,
EITHER EXPRESS OR. IMPLIED, AS TO THE CONDITION OF THE EQUIPMENT
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OR ITS FITNESS FOR ANY PARTICULAR PURPOSE INCLUDING ANY USES
MADE FROM TIME TO TIME BY THE LESSEE.
6. LESSOR'S INSPECTION. Lessor shall at any and all time during
business hours have the right to enter into and upon the premises where the
equipment may be located for the purpose of inspecting the same or observing
its use.
7. ALTERATIONS. Without the prior written consent of Lessor,
Lessee shall not make any alterations, additions or improvements to the
equipment.
8. REPAIRS. Lessee, at its own cost and expense, shall keep the
equipment in good repair and condition and shall bear all expenses of the
maintenance and operation of the equipment.
9. INSURANCE; LOSS AND DAMAGE; AGREED OPTION PRICE.
Lessee shall keep the equipment insured against all risks of loss or damage
by fire and such other risks as are covered by endorsement commonly known
as supplemental or extended coverage for the fair market value thereof and
for not less than the'Agreed Option Price" as set forth in the Equipment Lease
Schedule with respect to such equipment. Lessee shall also carry public lia-
bility and property damage insurance covering the equipment in amounts not
less than $200, 000 in respect of bodily injury or death to any one person, not
less than $500, 000 in respect of any one accident, and not less than $100, 000
in respect of property damage. All such insurance shall insure both Lessor
and Lessee. The Lessee may effect such coverages under its blanket policies.
No loss or damage to the equipment or any part thereof shall impair any obli-
gation of the Lessee under this Lease which shall continue in full force and
effect. In the event of loss or damage of any kind whatever to any item of
equipment, the proceeds of such insurance shall be applied, at the option of
Lessor, to any item of equipment:
(a) To place the same in good repair, condition and working order, or
replace the same with like equipment in good repair, condition and working
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order; or
(b) If in the reasonable judgment of Lessor, any item of equipment is
determined to be lost, stolen, destroyed or damaged beyond repair, Lessee
shall pay Lessor therefor in cash, to the extent the insurance proceeds may
be insufficient, the balance of the "Agreed Option Price" as set forth in the
Equipment Lease Schedule determined as of the date of the last rental pay-
ment under such Schedule. Upon such payment this Lease shall terminate
with respect to such item of equipment so paid for and Lessee thereupon
shall become entitled to such item of equipment as-is-where-is without
warranty, express or implied, with respect to any matter whatsoever.
10. TAXES. In the event any assessments, charged or taxes (munic-
ipal, state or federal) shall now or hereafter be imposed upon the equipment,
Lessee agrees to pay the same and to keep the equipment free and clear of
liens and encumbrances.
11. LESSOR'S PAYMENT. In case of the failure of the Lessee to pro-
cure or maintain insurance on the equipment as herein specified, Lessor shall
have the right, but shall not be obligated, to effect such insurance, and the
cost thereof shall be repayable to Lessor with the next installment of rent.
12. DEFAULT. If the Lessee shall fail to pay the rent due and payable
under any Equipment Lease Schedule attached to this Lease within ten (10)
days after the same is due and payable, or if the Lessee shall fail to observe,
keep or perform any other provision of this Lease (or of any Equipment Lease
Schedule attached or to be attached hereto) for a period of ten (10) days after
receipt of written notice thereof, Lessor shall have the right to exercise any
one or more of the following remedies:
(a) To terminate this Lease as to any Equipment Lease Schedule and
to sue for and recover all rents and other payments then accrued and unpaid
thereunder.
(b) To retain all rentals and to take possession of any or all items of
equipment under any Equipment Lease Schedule, without further demand or
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notice and without any court order or other process of law and either to
remove the same or to lease the same to others.
13. ASSIGNMENT. Without the prior written consent of Lessor,
Lessee shall not assign, transfer, pledge or hypothecate this Lease, the
equipment or any part thereof, or any interest therein. It is understood
that Lessor contemplates assigning this Lease or interest in the equipment
and that said Lessor's assignee may also assign the same. All rights of
Lessor hereunder may be assigned, transferred, or otherwise disposed of,
either in whole or in part, without notice to Lessee, PROVIDED, HOWEVER
that no assignment of this Lease or any interest therein shall be made except
subject to the rights granted to the Lessee by virtue of this Lease; and PRO-
VIDED FURTHER that no assignsee of Lessor shall be obligated to perform
any duty, covenant or condition required to be performed by Lessor under
the terms of this Lease.
15. PERSONAL PROPERTY. The equipment is, and shall at all times
be and remain, personal property notwithstanding that the equipment may be
affixed or attached to, or imbedded in, or permanently resting upon, real
property or any building thereon, or attached in any manner to what is per-
manent as by means of cement, plaster, nails, bolts, screws or otherwise.
16. INTEREST. Should Lessee fail to pay any part of the rent herein
reserved or any other sum required by Lessee to be paid to Lessor, within
10 days after the due date thereof, Lessee shall pay to the Lessor interest
on such delinquent payment from the due date until paid at the rate of 10
percent (10%) per annum.
17. OPTION. Provided the Lessee is not in default in its performance
of its obligations hereunder, Lessee shall have the option, at any time after
February 19, 1975 to purchase the equipment described in each
Equipment Lease Schedule at the balance of the "Agreed Option Price" thereof
set forth in each such Schedule at the date of the last proceding rental payment.
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Such option to purchase said equipment shall be exercised by the payment
of the "Agreed Option Price" to the Lessor at Lessor's office in Windsor,
Colorado, at any time. If the Lessee exercises the option to purchase the
equipment, title thereto shall thereupon become vested in the Lessee and
Lessor will thereupon execute and deliver to the Lessee a bill of sale of
all of its right, title and interest in the equipment as evidence of said
transfer of title.
17. EXPIRATION. If the Lessee shall comply with all provisions
of this Lease on its part to be kept and performed, then upon the expiration
of this Lease, all the right, title and interest of the Lessor in the equipment
shall vest in and become the property of the Lessee, and the Lessor coven-
ants that it will thereupon execute to the Lessee a bill of sale of all of its
right, title and interest in and to said equipment as evidence of said transfer
of title.
18. TAX EXEMPTION. The "Rent", "Interest", "Agreed Option Price"
and other computations set forth in each of the Equipment Lease Schedules
attached or to be attached hereto, have been fixed and computed upon the
assumption and in the belief that the amount designated as "Interest" will be
exempt from federal income taxation in the hands of the Lessor and its
assignees.
19. CLAIMS. The Lessor hereby appoints and constitutes Lessee as
its agent and attorney-in-fact during the term of this Lease to assert and
enforce, at the sole cost and expense of the Lessee, whatever claims and
rights the Lessor may have as owner of the equipment against any vendors,
manufacturers, suppliers or contractors in respect thereof.
20. NON-WAIVER. No waiver of any of the Lessee's obligations
under this Lease or the Equipment Lease Schedule or Schedules attached or
to be attached hereto shall be deemed to take place unless such waiver has
been made in writing and signed by the Lessor. Failure to exercise any
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remedy which Lessor may have under this Lease or any Equipment Lease
Schedule attached hereto or any other acquiescence by the Lessor in any
default by the Lessee shall not constitute a waiver of any obligation of
Lessee hereunder, including the obligation as to which Lessee is in de-
fault.
21. CONCURRENT REMEDIES. No right or remedy conferred upon
or reserved to the Lessor in this Lease or in any Equipment Lease Schedule
or Exhibit attached hereto is exclusive of any other right or remedy pro-
vided or permitted herein by law or equity; but each shall be cumulative of
any other right or remedy given hereunder, or now or hereafter existing at-
law or in equity or by statute or otherwise, and may be enforced concurrently
therewith, or from time to time.
22. MODIFICATION. This lease Agreement and the Equipment Lease
Schedules and Exhibits hereto attached or to be attached constitute the entire
Agreement between Lessor and Lessee and shall not be amended, altered or
modified except in writing signed by the parties hereto.
23. NOTICES. All notices required or permitted hereunder or under
any Equipment Lease Schedule shall be sufficient if delivered personally or
mailed to the parties at the address hereafter set forth or at such other
address as either party may designate in writing from time to time. Any
such notice shall be effective 48 hours after it has been deposited in the
United States mail, duly addressed and with postage prepaid.
24. GOVERNING LAW. This Agreement and all Equipment Lease
Schedules and other instruments or documents executed by the parties hereto,
and the rights and duties of the parties hereto shall be constued and enforced
in accordance with the laws of the State of Colorado.
25. TIME. Time is of the essence of this Lease and each and all of
its provisions.
IN WITNESS WHEREOF the parties hereto have executed this Lease
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the day and year first above written.
FIRST NATIONAL BANK OF WINDSOR
WELD COUNTY, COLORADO
By ` 2/a/46,/ /�2 2
Presi ' -ent - Lesso
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
yea ,tT ,Sp
ATTEST:tile-6Z_ see
Weld County Clerk and Recorder
and Clerk to the Board
(y eputy County Cl rk
AS TentORIVI:
47
Co linty
Attorne 1
y
ATTACHMENTS:
Resolution No. --- of the Board of County Commissioners of Weld County,
Colorado.
1. Assignment of Bill of Sale.
2. Lease Payment Schedule.
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AEQUIPMENT COMPANY
303/288-6801 • 500 EAST 62ND AVENUE • P.O. BOX 28 • DENVER, COLORADO 80201
INVOICE
INVOICE NO. PE-27
r
Weld County DATE Feb. 19, 1975
CUSTOMER'S REF.
Greeley, Colorado 80631
VIA PECO Truck
SALESMANWaIsh F.O.B. Greeley, Co.
Goods described in this invoice were produced in compliance with the Foir Labor Standards Act of 1938, as amended.
Unless otherwise stated, all goods are shipped F.O.& Power Equipment Company's yard. Delivery by Power Equipment Company to carder is delivery to Customer. Rists of loss posses to Customer
on delivery to Customer, Customer shall inspect shipments promptly an arrival and give Power Equipment Company immediate written notice of any shortages in shipment; failure of Customer to de-
liver written claim to Power Equipment Company within fifteen days alter receipt of goods is a waiver of any claims for shortoges in shipment. For all amounts payable by the Customer for which
credit is given or which are not paid, Customer grants Power Equipment Company a security interest in the goods described, which security interest is extended to all ports or accessories now or
hereafter attached to the goods and to their proceeds.
One Fiat-Allis Model HD21 B crawler tractor equipped with
22" full grouser shoes-severe service; full track roller
and inner sprocket guards; track frame end guards; full
bottom guards; ROPS canopy; 21 HU«.Full-U-Moldboard;
push beams and struts; trunnions; counterweight.
Stock No. 1386
Serial No. 10S19403
Engine Serial No. 21-12669
Moldboard Serial No. 12M07660 $89,625.00
Terms: Net upon invoice.
CONTRACTUAL LIMITATION OF REMEDIES AND LIABILITIES. Consequential damages are esd.d.d from any liability of Power Equipment Company arising out of the sale of the goods described.
Remedies against Power Equipment Company ore limited to.Worn of the goods and repoymenrirri itrprice or to repair and replacement of non-conforming goods or parts,Power Equipment Company
to hove the election. mom
EXCLUSION OF WARRANTIES OF MERCHANTABILITY AND WARRANTIES OF FITNESS. Except for warranty of clear title and except as expressly provided in purchase order,if any, for used ma-
chinery, Power Equipment Company sells the goods described "AS-IS" and Power Equipment Company DOES NOT MAKE ANY WARRANTY OF MERCHANTABILITY NOR ANY OTHER WARRANTY.
NEW MACHINERY CARRIES MANUFACTURER'S WRITTEN WARRANTY.
BILL OF SALE
_ For value received, the undersigned does hereby sell , assign
and convey unto i'i ie First National dank of ,lindsor.
iJindsor, Colorado
the following described property: -
One Fiat-Allis Model UD-213eries "B" Crawler 'i'gactor
:aerial 413319a03
w/ Model 21HU Hydraulic "U" Dozer
and hereby-warrants same to be free and clear of all liens
and encumbrances .
POWER EQUIPMENT COMPANY
TitleA/: ti'-6.
•
State of Colorado
Subscribed and sworn to before me
This 6th day of Februar ,19
T ry ub 1c
�p _a",JAiLllSSivli apes LcU s.. ;a',�
OVER
rte. /- \
ASSIGNMENT AND ACCEPTANCE
For value received the FIRST NATIONAL BANK OF WINDSOR, Windsor,
Colorado, hereby assigns all its rights, title and interest in and to the within BILL
OF SALE to purchase the within described property to the County of Weld, State of
Colorado, and its assigns, with the express understanding and agreement that said
assignee will pay said balance of the purchase price; and in consideration of this
assignment the said assignee hereby assumes and agrees to make all the payments
and perform all the covenants and agreements in said contract to purchase contained,
by the original purchasers therein agreed to be made and performed.
Witness our hands and seals this 19th day of February, A.D. , 1975.
FIRST NATIONAL BANK OF WINDSOR
WELD COUNTY, COLORADO
By . /a i' 4
�/ Pr ident - Assignor
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
I �
A2. 17�i1 —
signee
ATTEST: .."-----1, <-5-2Z71�
a
Weld-Cuuuty Clerk,and Recorder
and Clerk to the Board
By
eputy County erk
A RO D AS T M:
C my Attorney
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